Online Resources Corp. (Nasdaq: ORCC), a leading Internet application service provider to financial institutions, announced a relationship with Intuit, allowing Online Resources' client base of 500 financial institutions, with 350,000 consumer and small business end-users, to reach Intuit's 21 million Quicken® and QuickBooks® customers. These high-valued consumers and small businesses will now be able to take advantage of the QuotienSM Banking suite of services, including online banking, through integration with Quicken financial software and QuickBooks accounting software.
Online banking has long been a productivity tool for those tracking their critical financial data in leading software like Quicken and QuickBooks. The ability to bank online through these products allows customers to gain control of their finances and save time by downloading their financial transactions into a place where they store the remainder of their financial data, so they can better analyze their income and expenses.
"By offering seamless integration to their personal financial management software, Quicken or QuickBooks, financial institutions will now be able to attract and retain top retail customers who are also dedicated Quicken users," said Raymond T. Crosier, president and chief operating officer of Online Resources.
"The lion's share of the micro-business/small office/home office markets use Quicken or QuickBooks to power their businesses," said Crosier. "This relationship opens the door for our clients to provide additional financial services like online banking and bill payment to the more than six million businesses using these applications. There is a great deal of overlap between Intuit's retail customers and our financial institutions' high-valued customers. These customers, with an average salary of $75,000 and an average portfolio of $250,000, often select their banking relationships based on the availability of integrated online banking services and bill payment support offered through Quicken and QuickBooks software."
Online Resources' financial institution clients will achieve significant value from the Quicken and QuickBooks software since ORCC will install, certify and maintain a secure Open Financial Exchange (OFX) server to support their customers' online personal financial management needs.
"We are delighted to be working with Online Resources in providing their clients the flexibility to support connectivity to user's accounts online through Quicken and QuickBooks," said Steve Holoien, director of operations, financial institution connectivity and support for Intuit. "We've found that a growing number of our customers want access to online banking and bill payment services through our software and their financial institution. This relationship brings additional value to our customers that will help ensure a convenient online banking experience for them."
The relationship with Intuit fits within Online Resources' new 5-point initiative to achieve operating cost efficiencies and expand revenue from its base of 500 financial institution clients. "There is a great opportunity to increase our user penetration rate and incremental revenue by adding existing and loyal Quicken and QuickBooks users to our financial institution customer base," added Crosier.
OFX Connectivity through Intuit's software will be available to Online Resources' clients this fall.
